SWOT Analysis Of Halal Restaurant

SWOT Analysis Of Halal Restaurant In this business plan report summarise the nature of our business, the advertising and sales strategy, the monetary background, projected cash flow and income statement. Nevertheless it shows our current position and where we want to be in the future and how we have planned to get there through excellent management. It lays out the route for the future our business and set up standards of success. Hence the business plan will help us in acquiring capital from investors / lenders such financial institutions as they will have clear understanding of the business and willing to invest if the business proposal is persuasive. Our business proposal is setting up a halal restaurant in Treforest whereby the restaurant will cater healthy meals prepared in Islamic rites. The restaurant will provide a combination of wide varieties of food with excellence in value pricing, fun packaging and atmosphere. In Treforest there are numerous halal takeaways thus this will give us competitive advantage as there is no halal restaurants within the area. Our main target customers are Muslims who are minority from all over the world, who will be easily attracted to a place where they will be enjoying their meals prepared according to their Islamic rites in comfortable environment. Nevertheless despite the fact the food being prepared in Islamic rites, we intend to target majority of the students and the local people as the food offered will be healthy diet and it will cater their needs such as their busy lifestyles. Our mission is to provide high quality food which adheres to Islamic rites and to provide products which are better, safe and hygienic. Morever we aim to promote customer satisfaction through feedbacks, review of menu and creating friendly relationship with customers. Halal restaurant will be a privately held company and registered as a Limited private company, with three shareholders with equal number of shares. The restaurant will be a rented property. Six staffs shall be employed who will include two chefs, two waiters and two kitchen porters. As we the shareholders will also be accountable for managerial tasks of the halal restaurant. Halal industry is growing and expanding at a high rate because of migration of more people into UK specifically in Wales, and we want to have our own shares in Halal food industry. The reason of setting up a halal restaurant in Trefforest is, first there is low degree of halal restaurants within the area as majority are fast foods and takeaways. Thus this will give us a competitive advantage as competition within restaurants will be low. Moreover the restaurant will cater healthy meals and it since the location of the restaurant will be in treforest majority of customers will prefer dining out in our restaurant rather than travelling to Cardiff as they will save their time and money used on transport. The key to be successful in our restaurant, we will create a unique and innovative atmosphere of dining which will be different from competitors and offer a great fastest service and high quality of food. The employees would be motivated so they can work in comfortable environment and different programs would be enhanced so as to assemble devoted workforce. Furthermore we will focus on cost control so as to meet profit margin by managing bank deposit, accounts payable, issuing inventory, cash receipts, purchasing, order taking, and service preparation. This will help us to track actual expenditure aligned with our forecasts in managing the halal restaurant. Moreover customer satisfaction would be our prominent factor for the success of halal restaurant. This will be done thorough frequent and friendly interaction with customers so as to know their particular needs. Our restaurant would encourage the two most important values in restaurant business which is brand and image, as these two ingredients are a couple of main drivers in marketing communications CHAPTER 2 2.0 BUSINESS OBJECTIVES AND STRATEGY Our halal restaurant objectives for the first year of inception are to make the companys name as household name, build a solid reputation so as to establish successful halal restaurant and gain a market share in Halal food industry in Wales. We also want to make halal restaurant as the favourite choice for the Muslim people and the rest of the community. We also intend to expand into a number of outlets depending on how the business will operate, through franchising to other cities, such as Liverpool, Manchester and London so as to increase customer base. Nevertheless our main business financial plan is to have sufficient monetary funds to run our restaurant for a maximum of two and a half years without deeping to our profit. This will help us as in the 3rd year in repaying the loan as the profit accumulated will have an interest margin. Prior to our earlier research we have noted that for us to attain an excellent profit margin for the two and half years that we have earlier mentioned some of the restaurant items such as kitchen refrigerators cookers and any item that maybe of extravagant purchase would be leased. This will enable us to reduce potential costs. Nevertheless we will have a useful administrating system and basic accounting information that will keep update records of each month sales so as to track the profit and loss through out the year. In order for us to increase our customer base we plan to advertise our business through posters, fliers, mosque, internet in order to uphold customer satisfaction and later through media. With initial launching and advertisement of job opportunities within the halal restaurant, this will help us to advertise more our business as the spread of the new halal restaurant will make people eager to know what kind of services and product that will be offered. Our main goal is to be one of the most successful Halal restaurants in UK, we will strive to be a premier Halal Restaurant brand in the local marketplace. We want our customers to be satisfied when visiting restaurant and website as well as to work on their feedback seriously. MARKET SIZE Halal restaurant belongs to the Halal industry which is growing and expanding at a high rate. Many multinational companies are now investing in this industry and there are many others planning to enter the industry. It is widely reported that demand for Halal products is on the increase amongst Britains estimated 3 millions Muslims, 95% of which claim to be Halal consumers. The Halal Food Authority estimates that the UK market for Halal food grew 30% in 2006, even though the Muslim population grew just 3% according to Mintel report. Across Europe, where the Muslim population has grown by more than 140% in the last decade, there is a similar picture with 2nd and 3rd generation European Muslims are seeking out convenience and looking for products such as Halal pizzas, lasagne and hot dogs. Estimates can be different, but the organisers of Londons World Food Market exhibition estimate the UK Halal market to be worth  £2.8 billion. . CHAPTER 3 MARKETING ANALYSIS 3. 0 PRODUCT AND CUSTOMER ANALYSIS. As earlier mentioned the menu products served in the restaurant will be halal prepared according to Islamic rites. The halal food range from frozen food, ready made meals, canned food, beverages, packed meat, baked goods, dry goods (food ingredients), condiments and snacks (Halal Products, 2010). These products will be used in a halal way to prepare meals. Example of such menus include Chicken Tikka Masala with Rice served with Broccoli and sweet corn and the dessert of Fruit salad yoghurt. However a detailed research would be conducted so as to know the favourite healthy dishes for Muslims. With awareness of reducing obesity and increased healthy eating, such menu people will be attracted to buy a meal as it is healthy and balanced diet as it has all the nutrients need for the body and it has less fat. In as much as the Muslim community will benefit from the healthy meal as it will be prepared and based in their Islamic approach. Furthermore most Muslims will increase their social i nteraction when having a meal in our restaurant as they will have a more comfortable environment to interact. Our major target segments customers in Treforest are Muslims who are minority in the area. In the University of Glamorgan the ethnic groups of Asians which include Indian, Pakistan, Bangladeshi, Malaysia and other Asian background account to 5.6% while whites are the majority who account to 82.03%. The blacks and other black background account to 2.8% and other ethnic back ground is 4.2%. Despite of our first priority customers being muslims students, our second target customers are other students from different backgrounds. Halal food is well eaten not only by Muslims but by other nationalities, thus most of the other students will be attracted to buy meals from our restaurant as majority of them do not have sufficient time to prepare a meal due to studying all day long and most of them have passion of trying different kinds of food. Moreover in occasions such as birthdays and graduation ceremonies we will have numerous customers as many of the students and their families will come to our restaurant to celebrate their achievement by purchasing meals. Thereby in such occasions, deals will be promoted so as attract as many customers during such occasions. Our third target customers are the local people within the area such as professionals, families; singles and couples. Due to the busier lifestyles most of them do not have enough time to prepare a meal at home. Most families partners do work full time thus dining out is alternative to home cooking meals. Our estimate population within treforest is around 30,000 and the percentage of Muslims is around 2.3% including students. This estimate was based on 2006 statistics which showed the total population in treforest was 25,000 and the of which the Muslims accounts to 1.87%. (Rhondda Cynon Report, 2006). Thus the population has grown by 20% to date. Hence our restaurant will cater their needs by providing good quality food and ensure good customer service has been provided throughout. We will have potential customers from these groups as most of them do prefer to dine out as a luxury treat to their families and themselves. Nevertheless a market plan of survey would be carried out so as to know if our business idea is being welcomed within the area. 3.1 COMPETITORS PROFILE However our halal restaurant will face competition within the area as the latter is occupied with halal take aways, pubs, Chinese takeaways and sandwich shops. In those halal takeaways most of the food is halal and they do have affordable deals whereby most of the students are attracted to purchase them. Nevertheless in pubs they do serve most of halal dishes such curries, hence there is high probability most of customers to switch to pub menus. 3.2 UNIQUE SELLING POINT In order to compete with our competitors we have set a unique selling proposition which will set us unique from the market. One of the USP that will entice our customer is, the halal restaurant will offer innovative and fastest service to the customer by putting a time limit guarantee for their meal. This will be done by reducing the steps of getting meals to customers. Moreover customers will have opportunity to evaluate food choices so as to keep the favourites on the menus and frequent interacting with the customers will be enhanced so they feel their feedbacks are being valued. 3.3 PRICING STRATEGIES 3.4 MARKET SHARE Majority of the time due to the busier lifestyle of the students and the local people most of them prefer to eat out rather than cook because they dont have time. Based from UK statistics our market share noting we will capture the majority of the Muslims because we will be providing Halal food which is being prepared in accordance to Islamic belief. Nevertheless we have a market share of majority of local people as most of the halal food is healthy and balanced Wales GDP per capita purchasing power parity $22,800 per annum per week $438.46 Incomplete more elaboration on purchasing capability of a single person. Initial maximum market share Total purchasing power(expenditure) of the targeted market Number of competitor +1 (own business) 438.46 = 73.08 6 Remember to include the initial market share 9%. 3.5 MARKET TRENDS. In treforest the population is mostly populated with students so the market trend will be very much be affected by the term time of the university. This means that when the university is opened the sales are high and when the university closes the sales are expected to be low this is because local students tend to travel and some foreigners. However most foreigners students they tend to remain in the university closes as most of them prefer working full time; hence this will have an impact in ourrestaurant as sales will tend to be stable. Nevertheless due to awareness of eating healthy diet and busier lifestyles, majority of people will prefer to eat out rather than cooking at home as it save time. This will have an impact in our restaurant as there will be frequent constant flow of customers who their needs will cater for. Thus as our initial market share estimated to 9% we expect growth of market share within the period of 6 to 12 months to be 16.7%. 3.6 SWOT ANALYSIS OF HALAL RESTAURANT STRENGHTS Availability of Muslim students who prefer halal food due to their Islamic belief. Busier lifestyles of local people and students who do not have sufficient time to prepare a meal at home. British people who are majority in the area are very experimental to different type of food thus our restaurant will cater their needs. WEAKNESSES A lot of monetary funds required to set up the halal restaurant. Fluctuation of sales when majority of students are on holidays. OPPORTUNITIES The long term objective of franchising thorough Wales so as to reach broader market. Our restaurant does offer healthy meals thus majority of people will be attracted to buy our meals. THREATS Within the area there is high competition as there are many competitors such as pubs, Chinese takeaways, halal takeaways, Indian restaurants who offer some of halal meals with affordable deals. Implementation of legislations such National Minimum Wage and Tipping legislation which require employers to comply with NMW of  £5.90 and paying more in National contributions so as to back up Tipping Legislation. This will increase costs in the restaurant business. CHAPTER 4 4.0 INTRODUCTION: The operational plan of our establishment will take care of matters such as Human resources, location, restaurant hours, suppliers, advertising strategy, registration and certification of the business along with other requirements The operational plan will also be shedding some light on ways of creating a strategic work plan that will formulate ways to achieve targets in the most reasonable amount of time 4.1 HUMAN RESOURCES We will be hiring two chefs one sous chef and a commis chef a kitchen porter and last but not the least two plate waiting staff. While recruiting these staff we will be looking for somebody with a reasonable catering industry experience except for the sous chef who has to have a good experience of working at the same designation. We will be managing the place ourselves with our previous catering, restaurant and hospitality industry experience and our HACCP and food safety qualifications we will be supervising the restaurant and the staff making sure that the customers are satisfied and content by handling all feedbacks and queries promptly and efficiently making sure that the daily book balancing runs smoothly and accurately costing of all the meals, creating promotional deals and strategies for the restaurant dealing with the suppliers and last but not the least running the restaurant according to the hygienic standards of the local authorities. We will be hiring a sous chef who must have at least 3 years of sous chef experience and be able to prepare dishes under pressure and should be able to work on his own initiative. We would be paying him  £19k- £21k depending on his experience his main jobs would be Creating menus Preparing and supervising all our main dishes Taking care of the stock and stock taking Make sure that all the heavy equipment is used in a safe way Cleaning all the heavy cooking machinery grinders etc. Making sure that the temperature records are up-to-date and hence the food served is hygienically safe. We will be hiring an enthusiastic commis chef who would be a fresh graduate and should have some experience in cooking, should have a can do attitude and willing to learn. we would be paying him  £11k- £13k depending on the experience. His duties would be Pastries and vegetable sauces preparation Salad preparation Assisting the sous chef in preparing the main meals Assisting the chef in stock taking Receiving and making sure that the deliveries are the same as invoiced and that their temperature at the delivery time was safe Cleaning the kitchen equipment after use Making sure that the kitchen is slip and trip free. We will be hiring a kitchen porter with some experience and we will be paying him  £5.80 and his duties will be as follows Washing dishes Cleaning the kitchen Receiving the deliveries and making sure they are fine and at a safe temperature Helping the chef in all other ad hoc duties We will be hiring two plate waiting staff with at least 1 year of experience, they should be customer friendly, polite and outgoing since they are going to be the first point of contact for all our customers. We will be paying them  £6 an hour their main duties would be Meeting and greeting customers showing them to the tables Take orders Take food to and from the table Making sure that the customers are satisfied with their meal by asking them Be proactive and offer them with extra desserts and drinks 4. REGISTERING THE BUSINESS In the Rhonda-Cynon-Taff council where we are intending to open our restaurant we have to register our business with the local authority 28 days before starting the business. We may also be required to get approval from the council due to our use of products of animal origin which in our case would be meat, fish, milk, eggs and any of their by-products and products made from them. In order to obtain the approval we need to submit an application form to the food team at the council along with a site plan that should reflect the layout of the premises accurately and an evidence of the food safety management systems on HACCP (hazard analysis and critical control point) principles (Food Business, 2010) On receipt of this application the local authority will arrange a site visit which is equivalent to a food premises inspection. During the inspection if all the requirements for the approval have been met, our premises will be issued with a unique three digit approval number which is part of a standard identification mark and will be used for all documentation. To register the business for VAT payments the law requires that the turnover of the VAT taxable goods and services supplied for the previous 12 months should be over  £68,000 and if it is below that amount then the business could still be registered for VAT voluntarily, and in our case this is what we will be doing we will be registering for VAT voluntarily because in future when the value of the taxable goods and supplies goes above  £68,000 and somehow we get busy and forget to register for VAT, we might get charged a penalty. And not just that there are benefits as well for voluntary registration. We will be registering for VAT online which would be the most convenient way for us in order to do that we will need to register with the HMRC online services first and then we will need to fill in two forms called VAT1 VAT2 with all our business details (HM Revenue and Custom, 2010). OPERATION TIMES In our restaurant we will be serving at different times to cater for people from different walks of life in the morning we will be serving a buffet style breakfast to cater for the students and for the people on the way to work, lunch and dinner for the students and general public and for the people who want to have a great time. Our serving hours are going to be BREAKFAST..08:00am till 11:00am LUNCH..12:00pm till 03:00pm DINNER.07:00pm till 10:00pm SUPPLIERS We have been in contact with different suppliers for our raw materials, crockery silverware, heavy equipment and all the other items that are required for opening a new restaurant. While reviewing these suppliers we need to make sure that the suppliers are of good reputation and hence provide good quality products while not making a huge dent on the business account We will be ordering our raw halal meat, spices, confectionary and all cooking items from a company called 3663. We will be ordering our fresh dairy products from a company called fresh fayre. Our disposable take away containers and the cleaning equipment that includes dishwashing liquid, bleaches sanitizersn degreasers and all kind of other cleaning equipment will be ordered from a company called BUNZL. Our used oil will be collected by a company called ARROW OIL COLLECTIONS but we have to put the request through our supplier which would be 3663 because they have this condition that they only collect oil if its bought through a certified oil seller. All our heavy equipment which is our fridges, freezers, fryers, furniture and any other heavy equipment for the restaurant and kitchen will be ordered through a company called LOCK HART on lease as long as we make an order above a  £1000 worth. All these suppliers have been carefully chosen considering their quality, reliability and prices. ADVERTISING AND PROMOTION Effective advertising and promotion is a vital supplement for any business and specially if the business is a newborn baby like ours We will be doing our advertisement through print media avoiding broadcasting it on TV since it does not fulfil our requirement for promoting our restaurant and its really dear as well instead we will be using brochures, posters, flyers and leaflets and specially handing out leaflets outside the university and in the surrounding area and specially outside the mosque. CERTIFICATION REQUIREMENT The halal certification required for the restaurant is going to be provided by the supplier the slaughter house from where the supplier acquires meat is inspected by the halal council and if all the necessary requirements are fulfilled and if the animal is slaughtered in a sharia way then the supplier is given a certificate which proves that the meat is halal and gives the authority to pass on that certificate to its customers and in this case the customer would be us and we will have the right to display that certificate. All the staff handling the open high risk food are required to have training certificates of handling high risk food and at least one member of staff is required to have adequate knowledge of the HACCP(hazard analysis and critical control point)/ food safety management systems.

About Nyc

Living in America is a fantasy for a lot of people, but living in New York City is something even better, and more magical than any fantasy. Although regarded as the `most populated city ‘ in the United States, the whole city has something interesting to offer everyone. It is sub divided into five boroughs , being Queens , The Bronx , Brooklyn , Manhattan , and Staten Island respectively . The landmarks in New York city are known all over the world . There is the famous Statue of Liberty, Brooklyn Bridge, Wall Street, the sky scrapers, and the World Trade Center, now called ground zero.One of Manhattan’s famous landmarks is Times Square. Different kinds of lights illuminate the area, where people are seen partying, having fun, and enjoying life. People from all over the world go to Times Square to have a glimpse of such a beautiful sight. A New York trip will never be complete without a visit to Times Square. The skyscrapers are so astonishingly tall and eye-catching. Th ese buildings posses the most beautiful architecture I have ever seen in my lifetime. I think to myself, there are so many buildings here; I find it hard to believe that man is capable of putting them up.The buildings look like they have plunged from GOD’s hand and landed at one spot. New York City is basically a crowded and small city. With a population of almost eight million residents, it is actually a mystery how such a big population would fit in one city. During the day, the streets and the subways are filled with busy people, with the roads filled with cars and the continuous honking of vehicles. By night, stars are accompanied by the millions of lights that illuminate the busy streets. They call New York the city that never sleeps.Let me tell you something, this big city called â€Å"The Big Apple† is the capital of all the new fashions and trends. Shops on the â€Å"Fifth Avenue† will make you really feel like a Million Dollar person, while in Chinatown you can get the cheapest unbranded stuff that looks almost the same. You can go see the â€Å"The New York Mets† at Shea Stadium in Flushings, Queens, and â€Å"The New York Yankees† at Yankee Stadium in the Bronx. You can buy anything at anytime during the day or night because the shops never close.Walking down the Manhattan streets, it’s almost customary to smell the smoke of exhaust from thousands of cars. The smoke coming from Subway stations underneath the roads can get to your nostrils quicker than it can be seen. It almost makes you feel like if you are a big giant walking along houses under your feet that have smoke coming out of their chimneys. At the same time the smell of hotdogs stands, salted pretzel stands make you aware of their presence as your smell sensors go crazy, and start telling your brain to get some.You can try your best but the smell from Italian pizzerias will sure pull you in for a slice or two even if you are not a pizza lover. Then you have the fresh smell of different fruits coming from the fruit stands on the streets, reminding you that New York City even has choices for everyone even for healthy conscious ones. I lived and liked Brooklyn borough of New York City because it has so many Pakistani people, that it’s called â€Å"Little Pakistan. † There you will find tasty Indo-Pakistani food.Your taste buds will thank you for the spicy aroma, and tenderness of chicken or beef kabobs perfectly done on clay oven called â€Å"tandoor†. Chicken curry, beef curry with freshly clay oven baked Naans, Bryani, or tandoori chicken will give you the perfect combination of spices, aroma, tenderness, and fill you right up for a very reasonable price. In Manhattan, during the winter time, you have the roasted sweet almonds, and roasted salted peanuts that make your whole body warm. After eating a few of those, you might not like hot cocoa again.Sounds of honking of cars are a part of life in this city. Living in the apartments, it’s normal for you to wake up at least 2 to 3 times a night because of the sirens of Police or Fire trucks. Although you do not get to see any big planes over Manhattan anymore, but you hear the big planes roaring almost everywhere else reminding you of the fact that New York City is home to not only Westchester, Newark, but to big airports like JFK, and LaGuardia also. In winter, snowflakes are my favorite. Touching the snow, falling generously, makes you feel like you are touching the clouds.On Brooklyn and Brighton beaches, you can touch the cold water, and hot sand, making you feel as if you were in Caribbean’s. New York City never sleeps, so you can see, smell, feel, taste and touch so many things that you can go on and on about this great city, it’s beauty, and its wonder. Here you can see so many different cultures, different worlds living in one small world. I know that experiences that I had in that city are so magical and ex traordinarily special, they will always be with me where ever I go.

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The Han Dynasty was the ruling family of China from 206 B.C. to 220 A.D who served as the second dynasty in Chinas long history. A rebel leader named Liu Bang, or Emporer Gaozu of Han, founded the new dynasty and reunited China after the Qin Dynasty fell apart in 207 B.C. The Han ruled from their capital at Changan, now called Xian, in west-central China. Han times saw such a flowering of Chinese culture that the majority ethnic group in China still refer to themselves as Han Chinese. Advances and Cultural Impact Advances during the Han period included such inventions as paper and the seismoscope. The Han rulers were so wealthy that they were buried in suits made of square jade pieces stitched together with gold or silver thread, like the one pictured here. Also, the waterwheel first appeared in the Han dynasty, with it many other forms of structural engineering — which have mostly been destroyed due to the fragile nature of their main component: wood. Still, mathematics and literature, as well as Confucian interpretations of law and governance, outlived the Han dynasty, influencing the works of later Chinese scholars and scientists. Even such important inventions as the crank wheel were first discovered in archeological digs pointing to the Han Dynasty. The odometer chart, which measured journey lengths, was also first invented during this period — technology that is still used today to influence car odometers and miles per gallon  gauges. The economy prospered under Han rule as well, resulting in a long-term treasury that — despite its eventual decline — would lead future rulers to still use the same coinage up to the Tang Dynasty of 618. Nationalization of the salt and iron industries in the early 110s B.C. also persisted throughout Chinese history, expanding to include more government control of the nations resources to pay for military conquests and domestic labor. Conflict and Eventual Collapse Militarily, the Han faced threats from different border regions. The Trung Sisters of Vietnam led a rebellion against the Han in 40 CE. Most troublesome of all, though, were the nomadic peoples from the Central Asian steppe to Chinas west, particularly the Xiongnu. The Han fought the Xiongnu for more than a century. Still, the Chinese managed to hold off and eventually disperse the troublesome nomads in 89 A.D., though political turmoil forced many of the reigning emperors of the Han Dynasty to resign early — often resigning their lives as well. The effort to destroy the nomadic invaders and keep civic unrest at bay eventually emptied Chinas treasury and led to the slow-motion collapse of Han China in 220. China disintegrated into the Three Kingdoms period over the next 60 years, resulting in a three-pronged civil war that ravaged the Chinese population and dispersed the Han people.

Criminology Crime And Crime - 1410 Words

Criminology is defined by the book Criminal Justice: A Brief Introduction, which was written by author Dr. Frank Schmalleger, Ph.D., as â€Å"the scientific study of the causes and prevention of crime and the rehabilitation and punishment of offenders† (Schmalleger, 2006, p. 20). People look at criminology in a big concept of criminal prevention but criminology in itself carries a wide variety of functions in treating crime and providing punishment to those who commit crimes. Crime increases when the population increases, which means the more populated and situated the place is the more crime effective the place maybe. Although crime is relevant towards the people and the place and environment, the number of people in a place does play a significance in the role of crime percentages. In this day and age the percentage in crime has been increasing and police officers are looking for new ways to solve, prevent and deter crime. The criminal justice systems offers different ranges of responsibilities in the prevention of crime and the ever increasing number and percentage in crime is not helping the police officers in the criminal justice system. New laws are brought in to the system which means the citizens and the police officers have to adapt to how the new system works. In the old Western times, when cowboys and gunslingers used to roam the country with their horses, crime was hard to detect due to the lack of proper law enforcing. Many people died with their bodies lost withinShow MoreRelatedCrime And Crime : Criminology And Criminology1211 Words   |  5 Pages Crime choice theory, often referred to as environmental criminology or ecological criminology, is a branch of criminology that was supposedly started by the classical school’s Cesare Beccaria. As with many theories, it has evolved with time, but the basics of it have stayed much the same throughout time. 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Research Outline Free Essays

Submitted by : Group 5 Topic: Mussel Shells, Crab carapace and PVC as an alternate aggregate and filler in concrete making Research Outline I. Problem and its background (chapter 1) A. Introduction 1. We will write a custom essay sample on Research Outline or any similar topic only for you Order Now Concrete Fillers and Aggregates a. Composition of Aggregates b. Different Kinds of Filler 2. Mussel shells, Crab carapace and PVC as alternative aggregates and fillers a. Similarities of Mussel shells, Crab carapace and PVC’s to other aggregates and fillers b. Advantages and disadvantages of using Mussel shells, Crab carapace and PVC’s as aggregates and fillers for concretes B. Rationale of the study C. Significance of the study D. Hypothesis II. Review of Related Literature (chapter 2) A. Nature of the Subject (background) 1. Crustaceans a. Cancer Pagurus b. Scylla serrate 2. Mollusks a. Perna viridis more commonly known as the Asian Green Mussels b. Perna canalicula more commonly known as the Green Lipped Mussels B. Related Studies 1. Characterization of Calcium Carbonate Obtained from Oyster and Mussel Shells and Incorporation in Polypropylene a. alcium carbonate in mussel and oyster shells used in the formulation of medicine, in construction or as filler in polymer materials b. calcium carbonate from mussel and oyster shells and used as filler in polypropylene compared their properties with polypropylene and commercial calcium carbonate composites. C. Info Sources III. Methodology A. Experimental Design Used 1. Brittleness of shells induced by heating in microwave a. One hour of treatment b. 18 Shells B. 6 samples for Mussel shells, Crab Carapace and PV C C. Materials D. Procedure Submitted by : Group 5 Submitted To: Mrs. Bernardino Score: Proposal Sections of Research Methodology I. Overview of research design A. Mussel shells, Crab Carapace and PVC abundance B. aggregates and fillers in concrete 1. Components of aggregates and fillers 2. Similar qualities of components C. Procedures in making Concrete Aggregates and Fillers D. Application of Mussel shells, Crab Carapace and PVC’s into Aggregates and Fillers. II. Questions/ queries about the topic A. Are Mussel shells, Crab Carapace and PVC strong enough to hold as fillers and aggregates? B. What kind of Mussel shells, Crab Carapace and PVC will be best in making fillers and aggregates? C. Will the Aggregates made out of Mussel shells, Crab Carapace and PVC be able to withstand strong force? III. Boundary Setting Procedures A. Shells, Carapaces, and PVC’s 1. Shells, carapaces and PVC’s to be used will be limited to the â€Å"left-over† components of each after the edible parts are consumed. . Shells, carapaces and PVC’s to be used will not exceed six per subject IV. Action Processes V. Subjects A. Crustaceans 1. Cancer Pagurus 2. Scylla serrate B. Mollusks 1. Perna viridis more commonly known as the Asian Green Mussels 2. Perna canalicula more commonly known as the Green Lipped Mussels VI. Study rigor validity, reliability/ trustworthiness, authenticity VII. Assumptions and study limitations A. Crabs, Mussels and P VCs 1. Value for each subject 2. Accessibility to the types of subject VIII. Timetable How to cite Research Outline, Essays

Auditing and Assurance Actions and Interventions

Question: Discuss about the Auditing and Assurance for Actions and Interventions. Answer: Introduction: In the period of 2008, the entire world faced a crisis due to subprime mortgage that is to lend money to a group of people having difficulty maintaining the repayment schedule. This led to extensive financial and economic reform in the global market. Habib, A., Uddin Bhuiyan et al. (2013) mentioned that the prime reason of global financial crisis is that the majority of the US investors have lost confidence in the value of sub-prime mortgages that eventually caused liquidity crisis in the global market. As a result, it has induced US Federal Bank to inject huge amount of capital into the financial market (Geiger et al. 2013). It has made stock market highly volatile in nature that has made, which has created adverse impact on the confidence level of the investors even further (Mala and Chand 2012). The auditing includes proper evaluation of the financial statements to assess possible future impact on the market. In this report, the focus will be on the evaluation of auditor liability on the financial crisis. The report will focus on highlighting the organizations that faced challenges associated with the bankruptcy to provide a clear idea about the liability of the auditors. For that reason, the report will focus on different prime accounting firms like Lehman Brothers, Washington Mutual, Chrysler LLC and General Motors to highlight the liability of auditors on global financial crisis. The auditor liability and financial crisis: As per the article by Fratzscher (2012) financial crisis represent a situation, where a nation suddenly loses a significant amount of nominal value that not only results in banking panics but in recession also. Financial crisis can also be considered as an opportunity to rectify certain aspects of present financial system. A salient feature of the 2008 global financial crisis is that it has been developed by the financialisation of USA economy that has created abundance of credit in the market. As a result, it has influenced accounting firms to take excessive risks through several complex financial instruments. Therefore, it is necessary to identify any type of short-term solution solutions to reduce the amount of adverse impact of the global crisis. Now, auditors responsibility is to plan and perform different types of financial statements to provide an idea to counter the problems associated with global financial crisis. Haas and Lelyveld (2014) portrays that liability of financial auditors is related to the process through which it requires adjustments or corrections to be made on the financial statements. Therefore, auditors need to adopt several corresponding adjustments in the financial statements in an appropriate manner. Thus, it highlights the fact that auditors have direct liability regarding the compliance with reporting of accounts. In 2008, housing market in USA suffered significantly, as several sub-prime owners who have opted for sub-prime loans have identified that they were not able to meet their required mortgage repayment (Geiger et al. 2013). Many studies have highlighted that the value of homes have dropped in a significant manner that are creating negative equity for the borrowers. As a result, huge numbers of home loan borrowers have defaulted on loans, which were influenced financial institutions to repossess all the lands and houses. It has directly increased the liquidity crisis issues that banks have to face at that point of time. This sub-prime lending bubble bursts are commonly referred as credit crunch (Krishnan and Zhang 2014). The collapse of housing loans in the USA market is primarily referred to as the trigger for the financial crisis. For that reason, many studies have highlighted the significance of better regulations in the financial systems to handle such type of issues in an appropria te manner. Specifically, 2008 financial crisis has highlighted the fact that rules and regulation had to be implemented in the financial system to discourage any type of unscrupulous lending in an effective way. As per the article by Erkens, Hung and Matos (2012), prime reason for the financial crisis in the home loan market is that the auditors have neglected the unstructured lending procedure. As a result, it has helped different financial organizations to focus on utilizing unstructured lending procedure. Furthermore, auditors have faced huge amount of criticism related to independence of audits, as they seeks for their self-interest. Dimitriou, Kenourgios and Simos (2013) have highlighted the fact that auditors responsibilities are significantly augmented at the time of global financial crisis. The dominance of biggest four auditors Ernst Young, KPMG, PWC and Deloitte have increased the probability of restricted competition and choice in the global market. The auditors had to pass judgement on some of the practices, which caused the huge losses that lead to government bailouts. However, Cukierman (2013) have highlighted that the auditors were not involved in many of the prime causes of the crisis that includes investing decisions, bad lending, flaws in credit-rating system and lack of understanding of risks. Thus, it highlights the fact that auditors are not responsible for the dumb business moves of the business entities. In fact, auditors just make sure that the moves are not disclosed properly. It has been assessed that accounting firms were at the heart of the 2008 financial crisis. As a result, it has also created massive impact on the relationship between organizations and their auditors. In fact, the financial crisis in 2008 has induced organizations to audit the financial statement to prevent any type of errors or fraud cases in an appropriate way. As per the article by Taylor (2013), each big auditing firm had clients that needed lot of government bailouts or blew up or questionable practices at the time of crisis. Therefore, auditing firms has to face different types of pressure at the time of suggesting the right path for clients. Furthermore, auditing standards also needs auditors to perform all the responsibilities of auditing procedure designed to achieve proper audience evidence so that it can fulfil all the requirements in an appropriate manner. Impact of global financial crisis on prime accounting firms: As mentioned earlier, 2008 global financial crisis has their prime impacts on several accounting firms. Different accounting firms have struggled to maintain their profit at the expected level for countering the adverse impact of financial crisis in an effective way. Organizations like General Motors, Washington Mutual and Chrysler LLC has faced huge amount of challenges to sustain its position in the market (Antonia Garca-Benau, Sierra-Garcia and Zorio 2013). However, the adverse impact of 2008 financial crisis has its maximum effect on Lehman Brothers, as it had to dissolve from the market. The details of the global financial crisis impact are provided as follows: Impact of financial crisis on Lehman Brothers: Lehman Brothers was a global financial services provider that has been declared bankrupt in 2008 due to financial crisis. The organization was considered as the fourth largest investment bank in USA. As the organization prospered over the decades in the US economy, it has become an international powerhouse. However, Lehman Brothers has to face different types of challenges in order to conducting the business in an appropriate manner. In the year of 2004, housing market in USA has seen boom or bubble in a significant manner (Baxter et al. 2013). As a result, Lehman Brothers have acquired five mortgage lenders namely Aurora loan services and BNC Mortgage that are specialized in providing loans for the housing market. The acquisition strategy of Lehman Brothers have initially provided huge amount of revenues in the capital market. As a result, Lehman Brothers have grown comparatively faster than any other asset management or investment banking organizations. In 2006, Lehman Brother has mortgaged around $146 billion, which is around 10% higher than the previous year. However, during the period of 2005 to 2007, Lehman Brothers have maintained consistent profit level (Sikka 2015). However, as the credit crisis has happened in the market, two Bear Stearns hedge funds has failed very badly. As a result, Lehman Brothers stock has felt very sharply, which has induced organization to eliminate around 2500 mortgage related jobs. Furthermore, it also has induced Lehman Brothers to shut down its BNC unit. As per the article by Chodorow-Reich (2014) Lehman Brothers have underwrote more mortgage backed securities compared to any other organization, accumulating around $85 billion portfolio, which four time more of its shareholders equity. During the last quarter of 2007, global market equity has reached new highs that have temporarily rebound the entire fixed income assets. As per the article by Bengtsson (2013) high degree of leverage and huge amount of portfolio mortgage securities has made businesses of Lehman Brothers increasingly vulnerable. After the collapse of Bear Stearns, the share value of Lehman Brothers have fell around 48%, which has unstable the business the entire business procedure. However, Lehman Brother has issued preferred stock to recover around $4 billion through the market. Haldane (2013) has mentioned that Lehman Brothers have made several unsuccessful overtures to the different potential partners. The Stock level fall around 77% in the first week of September 2008, that has induced organizations towards the dissolve situation. Thus, the bottom line is that the collapse of Lehman Brothers has continued for weeks in the financial market (Habib, Uddin Bhuiyan and Islam 2013). It highlighted the fact that auditors of the organization has able to provide very little clue regarding the future challenges of utilizing unstructured lending process. Impact of financial crisis on other prime accounting firms: As per the article by Xu et al. (2013) Lehman Brothers is not the only accounting firm that has affected by the global financial crisis. In fact, it has created adverse impact on almost all the top accounting firms in a major way. For instance, Washington Mutual along with all its subsidiaries has to face bankruptcy on September 26, 2008. The organization has been delisted from the trading of New York stock exchange immediately. Washington Mutual has able to sustain just one more week compared to Lehman Brothers are global financial crisis has changed the business environment. Thus, it has highlighted the fact that the auditors have not performed all their responsibilities in an appropriate way. Many studies have highlighted accounting inadequacies and problems as the prime issue for the two prime accounting firm dissolved process (Dias et al. 2016). The failure of auditing industry to highlight the banking crisis is regarded as one of the prime reasons of financial crisis happens in 2008. For instance, Lehman Brothers auditor Ernst and Young was very much aware about the Repo 105 practice but has not questioned Lehmans failure to disclose publicly. Similarly, PWC and AIG auditor also has practiced similar type of strategies that eventually increases the magnitude of global financial crisis. As a result, the entire risk management procedure of auditors during the risk management procedure has been questioned in a significant manner. Geiger, Raghunandan and Riccardi (2013) have mentioned that it is not right to blame auditors only regarding the occurrence of global financial crisis. Furthermore, the global crisis has created new challenges for the auditors like indefinite-lived intangible assets, recorded values of goodwill and other long-lived assets at the time of financial crisis. For that reason, it has become necessary for the auditors to test client organizations decision regarding the measurement and timing of specific items to avoid any type of failure to detect misstatements of materials properly. Due to the significance of global financial crisis, Public Company Accounting Oversight Board (PCAOB) has tried to evaluate all the audit risk areas affected by financial and economical crisis so that it can reduce the adverse impact of financial crisis in an appropriate way. As per the article by Kakabadse et al. (2013) several macroeconomic factors like low inflation, low interest rate, high risk taking and growing imbalance have played major role in financial crisis occurred in 2008. Thus, it has been assessed the auditors have not able to measure all these factors in an appropriate way. For that reason, financial institutions or investment banks have unable to get any idea regarding the possible future challenges. In fact, organizations like Lehman brother, general Motors and Washington Mutual are actually focusing on to invest more or taking on more market risks to gain competitive advantage in the market (Liu, Uchida and Yang 2012). The initiated high-risk strategies of these organizations have provided huge amount of profits at the initial stages. For that reason, these organizations have felt that the market is growing in a huge way. Thus, they have failed to identify the bubble burst impact completely, which can be described as the failure of the auditors. Recommendations: The above discussion has highlighted the fact that auditors have failed to fulfil all their responsibilities in an appropriate manner, which has increases the magnitude of financial crisis. Therefore, it has become necessary for the auditors to focus on the development of specific strategy for the clients so that they do not have to face such consequences in future. For instance, all the auditors need to be prohibited from any type of tax advisory services, internal audit and advice to the risk committee. Furthermore, the financial crisis in 2008 has highlighted the fact that presence of only four major players in the auditing industry has increases the probability of improper utilization of financial statements, which has increased the probability of financial crisis. Therefore, it is necessary for the global economy to provide opportunity to the small or medium auditing firms to balance demand and supply side in an effective way. Therefore, it will reduce the amount of risk associa ted with the audit concentration process. Thus, development of competitive market in the auditing industry can be beneficial. Auditors can opt for providing accurate information to local communal for three prong strategies that are- easy credit and cheaper dollars, lower interest and lower taxes. It s evident that as soon as the dollars become cheap, housing sector started purchasing estates and other products that on the other hand enhances the recruitment in many sectors like in construction industry for formulating buildings. Auditors are also liable for overseeing a company's internal controls in order to prevent misstatements or fraud. In the given scenario, it might be the case that the auditors do not inform the banking companies whether they had sufficient internal controls regarding giving loans to communal. Thus, auditors are recommended to remain unbiased and share all the crucial information realted to internal monetary controls according to the economy of the nation. Conclusion: mAfter the evaluation of the scale of the global financial crisis and its impact on the taxpayers in different countries, the role of the accountants and auditors should be questioned. The 2008 global financial crisis has highlighted the fact that auditors have not performed their responsibilities at the desired level, which has caused billions of assets in the global economy. Despite that, not a single business unit has argued that audit itself is an unnecessary process for the larger companies. An example of the impact of the financial crisis is seen on Lehman Brothers, who struggled to maintain their profit at the expected level. The challenges from the financial crisis are that several organizational had to face difficulty in sustaining their position and some of them had to dissolve from the market. It is also concluded form the assignment that Lehman Brothers acquired five mortgage lenders and some of the lenders like BNC unit performed poorly that results in complete shutdown of the unit and falling of the share value. In fact, ACCA believe that role of auditors is going to increase further after the occurrence of global financial crisis. It highlighted the fact that auditors need to play significant role in developing trust regarding the financial statement of the organizations so that investors can invest larger amount in an appropriate manner. For that reason, competition level in the auditing industry needs to be extended to a certain level so that all the business entities feel the importance of highlighting the actual picture in front of public. References: Antonia Garca-Benau, M., Sierra-Garcia, L. and Zorio, A., 2013. Financial crisis impact on sustainability reporting.Management decision,51(7), pp.1528-1542. Baxter, R., Bedard, J.C., Hoitash, R. and Yezegel, A., 2013. Enterprise risk management program quality: Determinants, value relevance, and the financial crisis.Contemporary Accounting Research,30(4), pp.1264-1295. Bengtsson, E., 2013. Shadow banking and financial stability: European money market funds in the global financial crisis.Journal of International Money and Finance,32, pp.579-594. Chodorow-Reich, G., 2014. The employment effects of credit market disruptions: Firm-level evidence from the 20089 financial crisis.The Quarterly Journal of Economics,129(1), pp.1-59. Cukierman, A., 2013. Monetary policy and institutions before, during, and after the global financial crisis.Journal of Financial Stability,9(3), pp.373-384. Dias, A., Dias, A., Rodrigues, L.L., Rodrigues, L.L., Craig, R. and Craig, R., 2016. Global financial crisis and corporate social responsibility disclosure.Social Responsibility Journal,12(4), pp.654-671. Dimitriou, D., Kenourgios, D. and Simos, T., 2013. Global financial crisis and emerging stock market contagion: A multivariate FIAPARCHDCC approach.International Review of Financial Analysis,30, pp.46-56. Erkens, D.H., Hung, M. and Matos, P., 2012. Corporate governance in the 20072008 financial crisis: Evidence from financial institutions worldwide.Journal of Corporate Finance,18(2), pp.389-411. Fratzscher, M., 2012. Capital flows, push versus pull factors and the global financial crisis.Journal of International Economics,88(2), pp.341-356. Geiger, M.A., Raghunandan, K. and Riccardi, W., 2013. The global financial crisis: US bankruptcies and going-concern audit opinions.Accounting Horizons,28(1), pp.59-75. Haas, R. and Lelyveld, I., 2014. Multinational banks and the global financial crisis: Weathering the perfect storm?.Journal of Money, Credit and Banking,46(s1), pp.333-364. Habib, A., Uddin Bhuiyan, B. and Islam, A., 2013. Financial distress, earnings management and market pricing of accruals during the global financial crisis.Managerial Finance,39(2), pp.155-180. Haldane, A.G., 2013. Rethinking the financial network. InFragile stabilittstabile fragilitt(pp. 243-278). Springer Fachmedien Wiesbaden. Kakabadse, A., Kouzmin, A., Kakabadse, N.K. and Mouraviev, N., 2013. Auditing Moral Hazards for the Post-Global Financial Crisis (GFC) Leadership. InState Crimes Against Democracy(pp. 79-106). Palgrave Macmillan UK. Krishnan, G.V. and Zhang, Y., 2014. Is there a relation between audit fee cuts during the global financial crisis and banks financial reporting quality?.Journal of Accounting and Public Policy,33(3), pp.279-300. Liu, C., Uchida, K. and Yang, Y., 2012. Corporate governance and firm value during the global financial crisis: Evidence from China.International Review of Financial Analysis,21, pp.70-80. Mala, R. and Chand, P., 2012. Effect of the global financial crisis on accounting convergence.Accounting Finance,52(1), pp.21-46. Sikka, P., 2015, March. The corrosive effects of neoliberalism on the UK financial crises and auditing practices: A dead-end for reforms. InAccounting Forum(Vol. 39, No. 1, pp. 1-18). Elsevier. Taylor, J.B., 2013.Getting off track: How government actions and interventions caused, prolonged, and worsened the financial crisis. Hoover Press. Xu, Y., Carson, E., Fargher, N. and Jiang, L., 2013. Responses by Australian auditors to the global financial crisis.Accounting Finance,53(1), pp.301-338.